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Financial abuse of elderly Americans has risen 12 percent since 2008, a new study from MetLife has found. Older Americans are now estimated to lose $2.9 billion every year.

The results were released just days before World Elder Abuse Awareness Day, a worldwide effort to bring attention to elder abuse and neglect that takes place annually on June 15.

The study warned that women between the ages of 80 and 89 who live alone and require some type of outward assistance are the most targeted victims of financial abuse in the United States. Men between the ages of 30 and 59 accounted for 60 percent of crimes against the elderly.

According to the study, 51 percent of all instances of financial abuse of the elderly are crimes committed by strangers. Approximately 34 percent come from family, friends or acquaintances. This figure is a decrease from the estimated 55 percent in 2008. Crimes classified as “scams” committed by strangers accounted for 28 percent of all financial abuses, business-related exploits made up 12 percent, and Medicare and Medicaid fraud accounted for 4 percent of cases.

The study found that the majority of cases involved strangers who exploited seniors with visible vulnerabilities, such as the use of a cane, a handicap tag hanging in a vehicle, or clear signs of confusion. These cases tended to involve physical assaults, purse snatchings or cons.

When family or friends were involved in elderly abuse, the study found that most cases involved forged checks, stolen credit cards, drained bank accounts, and transferred assets.

MetLife conducted the study by analyzing news articles that referenced financial abuse of the elderly and extrapolating data from the findings.